Qiangyi Co., Ltd. expects a more than sixfold increase in first-quarter earnings, with high industry prosperity in the semiconductor equipment sector

Securities Times reporter Chen Jianan

On the evening of April 3, Qiangyi Co., Ltd. disclosed its performance forecast for the first quarter of 2026. It is expected to achieve attributable net profit of RMB 106 million to RMB 121 million, up 654.79% to 761.60% year over year; non-recurring items adjusted net profit is RMB 105 million to RMB 120 million, up 735.64% to 855.13%.

Regarding the sharp increase in performance, Qiangyi Co., Ltd. stated that it is mainly driven by the combined effect of the company’s core business and the upward movement in industry sentiment. The specific reasons include three aspects: first, the explosion in AI computing power demand, together with the industry’s business cycle, has led to continuous scaling up of orders for mature products; second, orders previously shipped but not yet recognized as revenue are recognized in this period; third, customer mix optimization and the emergence of scale effects.

Qiangyi Co., Ltd. focuses on the R&D, design, production, and sales of core hardware probe cards for wafer testing. It is reported that the company’s probe cards are mainly used in the semiconductor wafer testing process, which is a key consumable in the back-end testing stage. In the view of industry insiders, the company’s surge in performance also indirectly confirms the strong momentum in the semiconductor industry, especially the wafer testing and chip testing sector.

A report from Huayuan Securities stated that, as semiconductor process nodes iterate and the complexity of AI chips themselves increases, the test time for each individual chip grows significantly. This means that demand for chip testing will increase at a rate faster than the rate of AI chip shipments themselves, thereby creating “volume” inflation across the entire testing industry chain. At the same time, increases in the testing complexity of each individual chip and the rising power consumption of each chip also impose higher requirements on hardware in the relevant industry chain, which results in “price” inflation in testing demand. As a result, the performance of relevant companies is expected to continue accelerating.

In the A-share market, stocks in the chip testing industry chain are mainly concentrated in the semiconductor equipment sector, which has fewer high-quality listed companies. This also implies that stocks in the chip testing industry chain are relatively more scarce. According to research reports from institutions, stocks including Weice Technology, LianDong Technology, Jinai Tong, and others are involved in related businesses.

China Aviation Securities stated that Weice Technology is a leading domestic independent third-party IC testing service provider. Its core businesses include the entire process of wafer testing (CP) and finished product testing (FT). As a domestic independent third-party testing leader, the company continues to implement a high-end strategy, expands high-end testing capacity, and is deeply benefiting from the return of domestic compute power and self-controlled orders, with strong growth momentum.

China Post Securities stated that LianDong Technology is fully advancing the research and verification of new products in the large-scale digital SoC integrated circuit testing field. Because the technical complexity of the products is high, the verification cycle is relatively long. Currently, the domestic localization rate of high-end SoC testing machines remains at a relatively low level. Against the clear backdrop of domestic substitution and self-controlled trends, combined with the demand for optimizing testing costs and the rapid development of AI data center computing power and on-device AI applications, the deterministic market opportunities in this area are prominent. The company will continue to increase R&D and market investment to seize the industry’s development dividends.

The overall strong performance outlook for the entire semiconductor equipment industry is also worth期待. According to Wind’s consensus forecast data, for semiconductor equipment stocks with institutional ratings, the projected growth rate of net profit this year is all above 20%. Among them, stocks including Fuchuang Precision, Synchro Fly Test, Jingsheng Shares, Xinyuan Micro, and others all have projected net profit growth rates exceeding 100%.

CICC Securities pointed out that Fuchuang Precision is a leading domestic enterprise in precision semiconductor components. By building core competitive advantages through a platform-based layout, the company’s products cover key categories such as mechanical and electromechanical components, gas transmission systems, and others. Customers have expanded to leading domestic and overseas equipment manufacturers such as Beijing Huachuang, Micron Technology (China), and Tokyo Electron. Against the backdrop of accelerating domestic substitution across the semiconductor industrial chain, as the company’s production capacity is gradually released, it is expected to bring sustained incremental performance, with a relatively high degree of growth certainty.

(Data in this edition are provided by the Securities Times Center database.)